SAN JOSE, Calif. – Sept. 9, 2013 – Intacct, a leader in cloud financial management and accounting software, today announced that Lasco Enterprises has implemented Intacct to improve reporting across several entities and eliminate manual, error-prone data re-entry. With Intacct's multi-entity architecture and comprehensive automation of financial management processes, Lasco's finance team is now able to do more with less. Intacct enabled Lasco to save more than $25,000 by delaying the hiring of additional finance staff; avoid over 16 hours of data entry and ad hoc report creation each month; and cut days out of its monthly, quarterly, and year-end close processes – all while enabling real-time visibility into key financial and operational metrics across the entire organization.
The owner and operator of several wine bars and restaurants in Texas, Lasco has been featured on the Inc. Magazine fastest growing private companies list for the past four years. As the company expanded and opened new restaurants in recent years, it realized that its previous QuickBooks Enterprise accounting software was not equipped to support increasing needs for inter-company transactions, real-time line item reporting across restaurants, or multi-user access.
“After considering several vendors, including Microsoft Dynamics, NetSuite, and Sage, we were most impressed by Intacct's approach – enabling efficient multi-entity posting of entries, real-time, transaction-level reporting across business lines, and anywhere, anytime access in the cloud,” said Greg Eisenhour, corporate controller at Lasco Enterprises. “Intacct's financial management and accounting functionality, ease-of-use, scalability, security, reliability, and cost effectiveness met our requirements perfectly.”
Working with Intacct partner Armanino, Lasco implemented Intacct in less than two months – despite several complexities in mapping historical data from its QuickBooks instances. Both Intacct and Armanino facilitated this process, helping Lasco get its multi-entity environment up and running efficiently. Now, Lasco benefits from automated inter-entity transactions that save several hours of manual re-postings every month.
“With Intacct, we've shortened our monthly and quarterly closes by at least a day, and our year-end reporting by several days – providing more time for analysis,” shared Eisenhour. “Intacct's financial report writer lets us quickly and easily create reports that give us just what we need, so we can avoid cobbling together data with considerable spreadsheet manipulations. And with Intacct, we no longer waste time tracking down missing entries during our monthly inter-company reconciliations.”
Intacct is delivering greatly improved financial visibility throughout the company. Previously, if Lasco management wanted to look at how much was spent on something across the entire company, the finance team would have to download reports for each entity and sum up the data to find an answer. With Intacct, they just run a single multi-entity report that spans all the transactions, saving over two days of work each month.
“Now, with Intacct's ability to run ledgers and financials for all entities on one report, we've dramatically reduced the time it takes to answer an executive's query because we can easily view transactions and results holistically and drill down as needed to understand the details,” Eisenhour continued.
Lasco also leverages Intacct to monitor monthly, quarterly, and annual budget vs. actuals reports that contain individual entities, groups of entities, and a total for all entities, with prior year data. In addition, the company uses Intacct's balance sheets, cash flow reports, and profit and loss trend reports to get a thorough picture of its financial performance and know when to capitalize on new business opportunities or take corrective action.
To learn more about the ways Intacct helps multi-location companies, please visit www.sageintacct.com/products/accounting-software/advanced-functionality/multi-entity-currency-consolidation
About Lasco Enterprises
Established by Jerry and Laura Lasco in Houston in 2003, Lasco Enterprises, LLC is the parent company for MAX's Wine Dive (Houston, Austin, San Antonio, Dallas and Ft. Worth), The Tasting Room Wine Cafés (Houston), Lasco Events & Catering, Boiler House Texas Grill & Wine Garden (San Antonio), and The Black Door online wine community, and now has more than 550 employees in five cities. Inc. 5000 named Lasco Enterprises one of the fastest growing private companies in the U.S. in 2010, 2011, 2012 and 2013. Lasco also was named as one of the "Best Companies to Work for in Texas" by the Best Companies Group in 2011 and 2012. The Houston Business Journal named Lasco Enterprises to its Fast 100 list of fastest-growing private companies in Houston in 2009, 2010, 2011, 2012, and 2013. In 2009 and in 2012, the publication awarded Lasco the Houston Business Journal's "Enterprise Champion" award for the company's commitment to its employees, the communities in which it operates, and for its contributions to its industry. For more information, visit www.lascoenterprises.com.